1849 Mormon $2 Money signed Brigham Young Heber C Kimball NK Whitney PCGS 64 PPQ For Sale
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1849 Mormon $2 Money signed Brigham Young Heber C Kimball NK Whitney PCGS 64 PPQ:
Here is an extremely rare authentic $2.00 Mormon Scrip, or Money note, from 1849 in the Salt Lake Valley. Signed by 4 Mormon leaders, including Brigham Young, Mormon Prophet and Second President of the Mormon Church. It has also been double-embossed, which I suspect might be quite rare.
The item has been certified and graded authentic, with the grade of "Very Choice New 64 PPQ" by PCGS Currency. PCGS is a world leader in grading and evaluating paper currency. It is totally independent, and has no bias in that it does not buy or sell currency, and is not part of a company that does buy or sell currency. Since 2005, they have certified and graded nearly a million paper notes. A Very Choice New 64 PPQ is a very high grade (range is 1 to 70). Also, the coveted designation PPQ (Premium Paper Quality) has been awarded to this note (see explanation later in the description). A note with "PPQ" commands a premium over notes that do not have it.PCGS writes this about a 64 grade:"Very Choice New 64
“64” is an intermediate grade reserved for notes that are better than Choice New but that don’t quite reach the Gem grade..."
The unique serial number for this graded item, located on the back of the permanently sealed holder, is 80558645. It also appears to have received a rare double-embossing by the stamper. Each serial number is recorded at PCGS with accompanying photo of the item.
I have seen about a dozen of these notes in my life, and I have never seen one graded higher than a 64.
In addition to the 64 grading, PCGS also gave this the PPQ designation, also a rarity among these notes. PPQ stands for Premium Paper Quality. Many notes have been ironed or otherwise pressed out, which means they have lost their "originality". Among other standards, the coveted PPQ designation means the paper still has full originality, and was never ironed or pressed.
PCGS says this about the PPQ designation:
"To distinguish notes that bear all the hallmarks of complete originality and outstanding paper quality for the grade, we will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”). These are notes that bear no visible evidence of restoration and that retain all signs of fully original paper quality, such as paper wave, embossing, and bold ink color and eye appeal. “PPQ” notes should also have above average paper for the grade that is free of defects such as tears, pinholes, or other problems.This is not done to penalize those notes that are not fully original, as many are very collectible and highly valuable.Instead, this system is designed torewardthose notes, both circulated and New, that possess premium paper quality and complete originality.It should be understood that even though a note may be fully original and free of any restoration, it still might not qualify for the “PPQ” designation."
Certificate of Authenticity: This note is certified authentic by PCGS Currency, the market leader in third-party grading and authentication. By encapsulating it in a PCGS folder, they are certifying it to be genuine. PCGS even has an online Cert Verification. Just enter the PCGS serial number and you can make sure that the item that was originally authenticated is still in the encapsulated envelope.
IMPORTANT NOTE: This item has been permanently encapsulated in its envelope by PCGS. NO returns will be accepted if the envelope has been opened, picked at, or folded or otherwise in a condition other than in the mint condition it is now in, with the bill inside also in the same condition as now.
If you look at the photos (photos 7 and 8), you can see embossing, with the beehive, an all-seeing eye and a Priesthood design, the lettersP.S.T.A. P.C.J.C.L.D.S. L.D.A.O.W., and a Sun's rays around them in a circle. You can also clearly see that it has another embossing. The other embossing has a round shape, with no Sun rays.
Double-Stamp Embossing: They are about a half inch off from being completely on top of each other. I am not sure how rare this might be, but I am not aware of any other notes having 2 different embossing marks.
Brigham Young signed his name B Young on this note. This is how he signed all the January 20 issues, except the 50c denomination. Heber C. Kimball signed his name HC Kimball, same situation as Young's.
Brigham Young was the 2nd Prophet and President of the Mormon Church, or The Church of Jesus Christ of Latter-day Saints. He also led the Mormons to the West, where they colonized much of it, particularly present-day Utah.
Newel K. Whitney was the Bishop of Kirtland, Ohio, the prominent Mormon community in the East. He used his business skills to build up the Mormon church in the area. In 1847, in the Salt Lake Valley, he served as the Presiding Bishop of the Church until his death in 1850.
Heber C. Kimball was one of the original 12 Apostles of the Mormon Church. He was active in missionary work and served as First Counselor to Brigham Young from 1847 until his death in 1868.
Thomas Bullock served as a clerk in the LDS Church Historian's Office. He was one of the original pioneers to enter Salt Lake Valley with Brigham Young. He wrote portions of The History of the Church, and died in 1882.
What is this printed Valley Money Note?
The Mormons starting arriving in Salt Lake Valley in July, 1847. They would barter with each other, and also trade gold (if they had any). This was not very exacting, as how big is a "pinch" of gold, anyway? However, they lacked hard currency.
According to an article in the Salt Lake Tribune, March 26, 1995, by Hal Schindler, (page J1), (updates inserted)
"Recognizing the need for a temporary circulating medium superior to packets of gold dust, Brigham Young and his associates made plans to issue paper currency until coins could once more be minted. Bills were made for 50 cents, $1.00, $2.00, and $3.00, and were signed by Brigham Young, Heber C. Kimball (Brigham Young's counselor), and Newel K. Whitney, presiding bishop of the church.
The bills were stamped with the seal of the Twelve Apostles, which consisted of the emblem of the priesthood (a Phrygian Crown over an all-seeing eye) encircled by sixteen letters: P.S.T.A. P.C.J.C.L.D.S. L.D.A.O.W., which was an abbreviation for "Private Seal of the Twelve Apostles, Priests of the Church of Jesus Christ of Latter-day Saints, in the Last Dispensation All Over the World."
Truman Angell, church architect, made a press that could print paper currency. On 20 January 1849 a total of 3,329 bills in 50 cents, $1.00, $2.00, and $3.00 denominations were issued; these carried a face value of $5,529.50. Feramorz Y. Fox, who studied the records of these issues, which are in the LDS Church Archives in Salt Lake City, found that these issues of currency were secured by an 80 percent reserve of gold. Most of the gold, in California-minted coins or dust, was paid in to the church as tithing. These gold-backed church treasury notes, or perhaps more accurately, warehouse receipts for gold dust, appear to have been a generally acceptable means of exchange in the Salt Lake Valley. They were actually released into the community intermittently between Jan. 30 and April 10.
When the church mint resumed coinage in the fall of 1849, the paper currency was redeemed, and most of it was destroyed. Of the original 3,329 notes, only 184 notes, valued at $269.00, were outstanding in May 1850. " In addition, some notes were not issued by the Church, but were instead later released in small numbers in trade for other acquisitions.
This is dated Jan. 20, 1849. The new press typed the background information, starting with G. S. L. City. Jan. 20, 1849.
As with all valuable paper artifacts, extreme caution should be taken to avoid exposure to prolonged light, both natural and artificial. Too much light or heat for too long can damage the paper and cause the inks to fade.
This truly is a once-in-a-lifetime enhancement, authenticated and graded, to any collector of early Mormon artifacts or autographs, or LDS history in general.
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